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Bqpy Allan Leighton confirmed as Co-op chairman
Thursday 08 September 2016 3:10 pmSteinhoff buys South African shoe shop Tekkie Town and increases annual profitsBy: Oliver GillShareFacebookShare on FacebookXShare on TwitterLinkedInShare on LinkedInWhatsAppShare on WhatsAppEmailShare on EmailAdd as a preferredsource on GoogleThe new owner of Poundlandhasbought a South African shoe shop chainand reporteda 32per cent rise in annual operating profit.Steinhoff announced on Wednesday that it had agreed to buyTekkieTown, a retaile owala wasserflasche r with 302 stores across South Africa, but it did not disclosehow mu polene ch it paid for the business. The deal is expected to complete by the end of year.It was a busy day for Steinhoff as it also unveiled annual results and convinced shareholders of Poundland to polene espana accept a 227p takeover deal.Revenues increased toeuro;13.1bn pound;11.1bn from euro;9.9bn with profits increasing from euro;0.9bnto euro;1.2bn. This translated well into cash as the amountgenerated from operations for the year was alsoeuro;1.2bn The Steinhoff group delivered a satisfactory set of results, underscored by a resilient discount market as well as strong leadership and execution from our decentralised management teams, said chief executive Markus Jooste.The deal with Poundland was passed with98 per cent of shareholders voting in favour. The 227p deal was increased from Steinhoff soriginal 222p offer.Despite being rivalled by Elliott Advisors, Steinhoff was determined to gain shareholder approval after missing out on deals to buy H Lhzu Serco offloads German unit to look for growth
Sunday 16 May 2010 11:45 pmGerman call for fiscal lawBy: KCS-contentShareFacebookShare on FacebookXShare on TwitterLinkedInShare on LinkedInWhatsAppShare on WhatsAppEmailShare on EmailAdd as a preferredsource on GoogleGERMANY is keen for other Eurozone countries to adopt a version of Berlinrsquo balanced budget law after stanley at economists voiced concern over Greecersquo ability to repay its huge debt.Germanyrsquo fiscal constraints ndash; known as Schuldenbremse ndash; will prohibit the federal government from running a deficit of more than 0.35 per cent of the gross domestic product by 2016. No deficit will be allowed by 2020.Wolfgang Schaacute;uble, Germanyrsquo finance minister, is putting together a package of reforms for the Eurozone, to be pr stanley cup esented on Friday at the first meeting of a working group which will consider closer economic policy cooperation.Germany has been vocal in its concerns about Greecersquo ability to repay EU bailout funds.Yesterday leading German economist Ulrich Kater echoed the concerns of Deutsche Bankrsquo chief executive Josef Ackermann on the subject.Kater, the chief economist at Frankfurtrsquo DekaBank, told German news website Handelsblatt that stringent austerity measures and Greecersquo lack of competitiveness would combine to dampen the countryrsquo chances at reducing its debt. Greece will find it very, very difficult to pay back its debts in an orderly fashi polene cyme on, Kater said, adding Athens should ldqu |
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